- Seven of Ireland’s largest Credit Unions approved under the scheme
- Low-cost loans for SMEs, with credit decisions made at local level
- Metamo is the first Credit Union Group to offer loans under the Scheme
Seven of Ireland’s largest Credit Unions, all members of Metamo – the joint venture between Credit Unions and Fexco, have become the first Credit Unions to offer loans to SMEs under the Government’s COVID-19 Credit Guarantee Scheme (CCGS).
SMEs and Agri businesses, who are facing challenges due to the pandemic, will now benefit from greater access to funding under the scheme. The seven Metamo Credit Unions have been approved to offer loans ranging between €10,000 and €1m, for terms of between 3 months and 5.5 years.
An important differentiator is that credit approval decisions will be made in the community by credit union staff who know the businesses in their locality well and who are supported by Metamo’s centre of excellence.
The seven Metamo Credit Unions involved have a combined membership of c.250,000 members, and are: Cara Credit Union, Mallow Credit Union, First Choice Credit Union, People First Credit Union, St Canice’s Credit Union, Limerick & District Credit Union, and Synergy Credit Union.
Joe O’Toole, Chair of the Metamo Credit Union Group, said:
“We are delighted that the Government has approved seven Metamo Credit Unions as the first community lenders who can offer loans under the Covid-19 Credit Guarantee Scheme, a space previously reserved for the large pillar banks. The credit unions gaining approval have the track record and relationships to engage effectively with businesses needing support. Our Credit Unions are keen to support local businesses, knowing that their continued success is in the interests of our members and our communities.”
Alan Kelly, Chief Executive of Metamo said:
“This approval underlines the ongoing success of the Metamo model in helping its Credit Unions access and develop unique opportunities for their members. These Credit Unions benefit from greater collaboration and centralised expertise under the Metamo umbrella, giving them the collective strength to thrive at this difficult time for the sector.”
The Metamo Group of Credit Unions have a combined lending base of €1bn+ and this programme is one of a number of initiatives that will enhance its ability to serve the needs of its members and the business community.
Metamo was launched in July 2019 with the aim of supporting Credit Union viability and sustainability through providing a wider range of services, and helping with support in key areas such as lending, risk management and technology delivery.
In the 17 months since it has launched, Metamo has made significant progress in strengthening the services of its members, including the development of a centre of excellence that will help Credit Unions bring new products and services to their members throughout 2021 and beyond.
Founded in 2019, Metamo is a 50:50 joint venture between 16 of Ireland’s largest Credit Unions and Fexco, one of Ireland’s largest financial services companies. The primary objective of Metamo is to build a stronger, better future for Irish Credit Unions. Metamo will focus on 3 key areas:
- Product & Technology Development: Working in collaboration with Credit Unions, Metamo is developing and scaling viable new products and services that will power the entire Credit Union sector.
- Collective Strength: Metamo is leveraging the collective scale of participating Credit Unions to access stronger collective bargaining power at market level.
- Expertise: Metamo is providing access to professional expertise and dynamic services enabling credit unions to meet the needs of their members. Services are available to all Credit Unions wishing to avail of them.
Metamo is based in Kerry with offices in Dublin also. More information is available at www.metamo.ie